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Find the savings plan balance after 1 year with an APR of 13% and monthly payments of $100. Assume an ordinary annuity.

Find the savings plan balance after 1 year with an APR of 13% and monthly payments of $100. Assume an ordinary annuity.
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Find the savings plan balance after 1 year with an APR of 13% and monthly payments of $100. Assume an ordinary annuity.

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User Iakov Davydov
by
8.6k points

1 Answer

4 votes
Check the formula of future value of annuity ordinary (through Google)
FVOA=100[((1+0.13/12)^(12)-1/(0.13/12)]
FVOA=1274.15
answered
User Furicle
by
8.2k points
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